(j) any form of business entity. See Utah Code 7-1-103 Mortgage : The written agreement pledging property to a creditor as collateral for a loan.Mortgage loan : A loan made by a lender to a borrower for the financing of real property. Source: OCC Person : means :(c) a limited liability company;
(j) a sole proprietorship;
(k) an unincorporated organization; or
(l) any form of business entity. See Utah Code 7-1-103 Title lender : includes a person that:(i) arranges a title loan on behalf of a title lender;
(ii) acts as an agent for a title lender; or
(iii) assists a title lender in the extension of a title loan. See Utah Code 7-24-102 Title loan : includes a title loan extended at the same premise on which any of the following are sold:(i) a motor vehicle, as defined in Section 41-6a-102 ;
(ii) a mobile home, as defined in Section 41-6a-102 ; or
(iii) a motorboat, as defined in Section 73-18-2 . See Utah Code 7-24-102
(2)
“Rollover” means the extension or renewal of the term of a title loan .
(3)
(a)
“Title lender” means a person that extends a title loan.
(b)
“Title lender” includes a person that:
(i)
arranges a title loan on behalf of a title lender ;
(ii)
acts as an agent for a title lender; or
(iii)
assists a title lender in the extension of a title loan.
(4)
(a)
“Title loan” means a loan secured by the title to a:
(i)
motor vehicle, as defined in Section 41-6a-102 ;
(ii)
mobile home, as defined in Section 41-6a-102 ; or
(iii)
motorboat, as defined in Section 73-18-2 .
(b)
“Title loan” includes a title loan extended at the same premise on which any of the following are sold:
(i)
a motor vehicle, as defined in Section 41-6a-102 ;
(ii)
a mobile home, as defined in Section 41-6a-102 ; or
(iii)
a motorboat, as defined in Section 73-18-2 .
(c)
“Title loan” does not include:
(i)
a purchase money loan;
(ii)
a loan made in connection with the sale of a:
(A)
motor vehicle, as defined in Section 41-6a-102 ;
(B)
mobile home, as defined in Section 41-6a-102 ; or
(C)
motorboat, as defined in Section 73-18-2 ; or
(iii)
a loan extended by an institution listed in Section 7-24-305 .
Amended by Chapter 284 , 2015 General Session
